Questions on mod chip for wii

Well, today morning my brother told me that his friend is willing to mod my wii for $80 and I'm not really sure, but i have a few questions for the people who have a modded wii.

1) Will the wii updates do anything so the mod chip wont work anymore?
2) Once the mod chip is installed, will you be able to update your wii and be able to go on the wii shop channel and download the VC Games (legally with a wii points card)
3) If i rent a game from blockbuster or any other store, do i just have to burn the game onto a DVD disc and be able to play it?
4) If not, what certain things do you have to do
5) If i downloads a game, what does i have to do once its finished download, do i just burn it onto the DVD disc or do i have to do certain things

The only reason i may want to get a mod chip is because i have saved up a lot of money for years and i cant stop spending it on games, i already have 13 wii games and i think i should stop spending $50, because games like Excite truck, redsteel, call of duty 3, rayman, warioware,super paper mario and a lot more i dont play anymore, and it seems like i shouldve just rented those games since i beat them in a few sittings.
I have never had a mod chip for a system before. I'm not sure about downloading games since i have DSL and the game sizes are 4GB+, so i think i would mostly rent games from blockbuster, only pay 7-11 bucks and burn them and play, but im not sure if i can just burn it. Oh yea i am in the USA if that helps
Thanks